Panelists Marietta Rodriguez (NeighborWorks America), Toby Bozzuto (The Bozzuto Group), Mayor Keisha Lance Bottoms (Atlanta), Chris Herbert (Harvard JCHS), and Nicole Friedman (Wall Street Journal)
This year, the US has been beset by the COVID-19 pandemic, social unrest sparked by racial injustice, and the devastating impacts of climate change. According to our new State of the Nation’s Housing report, being released in a livestream today at 4pm ET, in all this upheaval, our nation’s housing challenges have never been so evident, and while historically low interest rates and strength in many economic sectors have given a boost to the for-sale housing market, for many, the economic crisis brought on by the pandemic has worsened affordability challenges.
As of late September, renters earning less than $25,000 a year were much more likely to report lost employment income since the March shutdown. So far, state and federal moratoriums have slowed evictions, but without additional federal aid, many who have missed payments may be unable to cover their back rents and will find themselves on the brink of eviction and at risk of homelessness.
Homeowners have not been spared from the effects of the pandemic, and low income and households of color have taken a disproportionate hit. While 36 percent of all homeowners lost income between March and September, the shares are as high as 41 percent among Black owners, and 49 percent among Hispanic owners. Additionally, the Black-white homeownership gap is larger than it has been in decades at fully 31 percentage points.
Despite these challenges, single-family construction in the US started the year at its fastest pace since the Great Recession. However, supply has not kept pace with demand: only 1.47 million existing homes were on the market in September, the lowest level in decades.
All of this underscores the importance of secure, adequate, and affordable housing for all. To be effective, our new report argues, a new national housing policy is needed, and would set out the appropriate roles and responsibilities of federal, state, and local governments. Among other things, it would establish funding sources and distribution channels for subsidies, create incentives for efficient private production of housing through regulatory and tax structures, and ensure the availability and affordability of mortgage financing as well as the stability of the housing finance system.
The hope is, now that these challenges are so clearly in the spotlight, we can finally re-envision a national housing policy and recommit to the goal of a decent home in a suitable living environment for all.
Live webcast today at 4:00 pm ET featuring a presentation of
the report findings followed by a panel discussion with:
The Hon. Keisha Lance Bottoms, Mayor of Atlanta
Toby Bozzuto, President & CEO, The Bozzuto Group
Nicole Friedman, Reporter, Wall Street Journal (Moderator)
Chris Herbert, Managing Director, Harvard Joint Center for Housing Studies
Marietta Rodriguez, President & CEO, NeighborWorks America
Registration required
 Tweet your questions for the panel to #harvardhousingreport
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